https://www.taxtmi.com/caselaws?id=157802 A banking company's sale of hypothecated goods to realise security can be treated as business under the Karnataka Sales Tax Act because the definition of business extends to transactions incidental or ancillary to trade, commerce or concern. The statutory bar on trading by banking companies does not exclude such a sale where it falls within the express exception for dealings connected with realisation of security held by the bank. Accordingly, the bank's disposal of hypothecated goods for recovery of dues remained within the taxable business activity and could attract dealer liability. en-us Wed, 18 Jan 1995 00:00:00 +0530 Thu, 10 Oct 2013 17:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157802 A banking company's sale of hypothecated goods to realise security can be treated as business under the Karnataka Sales Tax Act because the definition of business extends to transactions incidental or ancillary to trade, commerce or concern. The statutory bar on trading by banking companies does not exclude such a sale where it falls within the express exception for dealings connected with realisation of security held by the bank. Accordingly, the bank's disposal of hypothecated goods for recovery of dues remained within the taxable business activity and could attract dealer liability. Case-Laws VAT and Sales Tax Wed, 18 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157802